According to TechSci Research report, United States Hardware Wallet Market - By Region, Competition Forecast & Opportunities, 2018-2028 the United States hardware wallet market is expected to register robust growth during the forecast period, 2023-2028.
The hardware wallet market is experiencing significant growth due to increased investments in cryptocurrency-based devices aimed at facilitating rapid and secure transactions. The expanding use of near-field communication (NFC) for wireless data transfer is also contributing to market expansion.
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Wireless hardware wallets are gaining popularity due to their numerous advantages, including direct control, long-term storage, flexibility, and enhanced security. The rise of digital and cashless payments, coupled with the growing adoption of blockchain and distributed ledger technology, is enhancing transparency and reducing risks of hacking and fraud. The introduction of hardware wallet apps that simplify cryptocurrency exchanges further supports the market's growth in the United States.
The cryptocurrency public ledger system, which relies on distributed ledger technology to simultaneously record asset transactions across multiple locations, plays a crucial role in this growth. This system aims to maintain user-to-user communication and reduce data inaccuracies, thereby accelerating the hardware wallet market's expansion across the United States.
Despite the advantages of cryptocurrencies as a quick, secure, and straightforward payment method, their adoption in physical stores is gradual. Cryptocurrencies like Bitcoin offer convenience without requiring a banking license and help protect client privacy while saving costs for merchants. NFC technology enables payments even when the payer or payee is offline, further driving adoption.
The widespread use of wireless hardware wallets, bolstered by direct control, long-term storage, and security features, is fueling industry growth. Additionally, the trend towards digital and cashless payments, particularly in developing nations, continues to drive the hardware wallet market forward.
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The United States hardware wallet market is segmented by type, connection type, distribution channel, end user, end-use industry, and region.
- Type: The market is divided into hot wallets and cold wallets.
- Connection Type: It is further segmented into near field communication (NFC), USB, and Bluetooth. USB, known for its ease of use, seamless connectivity, and low power consumption, stands out as a leading technology in the cryptocurrency sector. For example, Ledger, a prominent hardware wallet manufacturer, has developed USB-based hardware wallets, such as the Ledger Nano S, designed for maximum protection and capable of holding multiple cryptocurrencies simultaneously. This advanced technology is expected to drive the adoption of USB hardware wallets, thereby boosting market growth during the forecast period.
- Distribution Channel: The market is categorized into online and offline channels. In the era of the Internet of Things, online distribution channels are predicted to offer more reliable purchasing options through company websites and e-commerce platforms. Major online channels such as Alibaba, Ubuy, Ledger, and Amazon provide access to advanced hardware wallet solutions, facilitating customer purchases across the United States.
This segmentation highlights how technological advancements and distribution strategies are shaping the growth of the hardware wallet market.
Key market players in the United States Hardware wallet market include:
- SatoshiLabs Group a.s.
- ARCHOS S.A.
- Ledger SAS
- KeepKey, LLC
- NerdWallet USA
- ELLIPAL Limited
- SecuX Technology Inc.
- Yanssie HK Limited (Keystone)
- Exodus Movement, Inc.
- Coolbitx Technology LTD
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“Due to its many advantages, including low costs, and the removal of the existing banking system, cryptocurrencies are becoming more widely used for a variety of real-world transactions, which is boosting market growth. Hardware wallets provide security while reducing data breaches, which greatly contributes to the market's expansion. Moreover, due to technological improvements and innovations, wireless hardware wallets are being developed to facilitate access and streamline bitcoin transactions, which is boosting market growth. The industry for hardware wallets is expanding as a result of the rising incidence of cybercrime. Additionally, it is anticipated that the expansion of e-commerce platforms and the accessibility of a variety of hardware wallets will support the market growth and with the introduction of blockchains to offer improved security and simple cryptocurrency transactions is anticipated to further accelerate industry expansion in the forecast period 2023-2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "United States Hardware Wallet Market "
United States Hardware Wallet Market By Type (Hot Wallet, Cold Wallet), By Connection Type (Near Field Communication, USB and Bluetooth), By Distribution Channel (Online and Offline), By End User (Individual, Commercial) By End Use Industry (Capital Market, BFSI (Excluding Capital Market), Real Estate and Others), By Region, Competition Forecast & Opportunities, 2018- 2028 has evaluated the future growth potential of United States Hardware wallet market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in United States Hardware wallet market.
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